Devon Energy to Merge with Coterra Energy, Creating a Company Worth $58 Billion

Devon Energy has announced a multi-billion-dollar merger with Coterra Energy in an agreement that will move the company’s headquarters to Texas.

The agreement was reached in an all-stock transaction that will create a company worth about $58 billion. Once the agreement is complete, Devon shareholders will own approximately 54 percent of the go-forward company, and Coterra shareholders will own about 46 percent on a fully diluted basis.

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